- 32 percent of home sales were made to first-time buyers
- 33 percent of home sales were made with cash (i.e. no mortgage)
- 34 percent of home sales were of foreclosed homes or homes in short sale
Existing Home Sales Stay Strong; Spring Season Underway
The market for home resales stays strong.
Despite sparse home inventory, the National Association of REALTORS® reports that 4.59 million existing homes were sold in February on a seasonally-adjusted, annualized basis. An "existing home" is a home that cannot be classified as new construction.
Last month's sales data represents a 9 percent improvement from the year prior.
There are now just 2.43 million homes for sale nationwide -- a 19% reduction versus a year ago. The complete home inventory would "sell out" in 6.4 months at the current sales pace.
Some analysts believe that a 6-month home supply indicates a housing market in balance.
The real estate trade group's report contained other noteworthy statistics, too :
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